Case Law Details
Case Name : PCIT Vs Swetha Realmart LLP (Karnataka High Court)
Related Assessment Year :
Courts :
All High Courts Karnataka High Court
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PCIT Vs Swetha Realmart LLP (Karnataka High Court)
Mere nature as depreciable asset insufficient without actual Depreciation claim to apply sec 50- Karnataka High Court
In this case, the dispute revolved around whether Sec 50 , which governs taxation on capital gains from the sale of depreciable assets, should be applied in the assessee’s case.
BACKGROUND:
Assessee sold a property comprising land & a constructed shed/building. Dept argued that since the property included a depreciable asset (the building), an
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Author Bio
The sentence in the decision:
“It hardly needs to be stated that there need to be perennial claim for depreciation”
The word “ NOT” appears to be missing in this sentence.
Apparently the court intended to tell that
“It hardly needs to be stated that there need NOT to be perennial claim for depreciation”